More

    E-Commerce Giant Alibaba To Use Blockchain For Tracking Goods For Its Tmall Global Marketplace

    E-Commerce Giant Alibaba To Use Blockchain Technology For Tracking Goods

    The subsidiary of Alibaba Group, Tmall Global, is running tests on a blockchain technology to be able to trace imported goods. There are different features being implemented, including a system of image recognition and laser marks. The main intention behind it is to be able to monitor the delivery on every single step of the process. The information was released by u.today on February 25.

    Imported goods will have also a “visa” feature that will be tracing a QR code of this specific imported good. As soon as goods are bought firms have to attach the QR code on top of the goods’ packaging. Some information regarding the product must be provided such as the time of the purchase and the location, among other things.

    Users can scan the QR code and receive all the information regarding this product. Alibaba’s subsidiary wants to create the QR codes on its own. This works in a similar way as VeChain’s RFID. As soon as the QR code is removed, it is eliminated. Moreover, it will be non-reusable or replicable anymore. Since the system is based on blockchain technology, there will be no possibilities to change or erase it.

    There will also be some laser marks and other technologies in place that will stop codes from being copied or modified. According to local reports, the system for tracking goods using blockchain technology will be used for high-end goods and also the fashion industry.

    In the past, JD.com, an e-commerce giant in China, decided to implement a tracking system based on distributed ledger technology as well. With it, it was possible to provide users with information about the product that they were purchasing. Specifically, the DLT platform aimed at improving the quality of the products consumed by buyers.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Carl T
    Carl T
    Carl is a legend in cryptocurrency space for his long-storied experience, history and insights. He is a digital nomad who fell in love with bitcoin and its offspring for many years now and prides himself on delivering quality perspectives in the emerging world of crypto-assets and blockchain technology.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,261FansLike
    2,721FollowersFollow
    4,101FollowersFollow

    Live Bitcoin Price & Latest BTC Chart News

    Today's Latest Crypto News

    Vitalik Buterin ‘Highly Applauds' Bitcoin Cash Mining Cartel’s Proposal To Soft Fork BCH

    Roger Ver, Antpool’s Jihan Wu, BTC.Top’s Jang Zhuoer and Haip Yang of ViaBTC agree on BCH funding plan Although redirecting BCH coinbase rewards...

    Hacker Noon To Embed Blockchain Tech Into Its Blog, Allowing More Interactions With Readers

    Hacker Noon, a knowledge website, announced they will launch on a blockchain, shortly after leaving Medium for calls of centralization. The official announcement from...

    US Finance Giant Bottomline Testing Ripple’s Disruptive Technology

    Bottomline Technologies processes trillion dollars in payments every year and operates in 92 countries The idea is to update the company's software mode...

    SEC Strikes Against Yet Another Unregistered ICO to Recover $147,000 ‘Ill-Gotten' Gains

    In January, U.S. SEC has gone after 3 Initial Coin Offerings (ICO) SEC files complaint against Opporty and its sole owner Sergii Grybniak...

    Payment Provider Square Wins US Patent For Real-Time Crypto-To-Fiat Automatic Swaps

    Square has been awarded a patent for a payment network that will allow individuals holding various types of of assets to transact with each...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.